NIFTY makes new low! Correction ahead?
Nifty - Technical Analysis:
-Nifty was down 193.60 points or 1.68% at 11333.90.
-Price below the trendline and made a new low after previous Monday.
-Nifty could not revive the gap-down and closed low forming a doji. Resistance level at 11450. Further selloff to 11250 exptected.
Market - Driving Factors:
-All the sectoral indices ended lower with metal index down 3 percent followed by the pharma, bank, infra and energy
-Axis Bank, Tata Steel, JSW Steel, Adani Ports and SBI were among major losers on the Nifty, while gainers were Maruti Suzuki and Zee Entertainment.
-The rupee is likely to appreciate further, versus the US dollar, towards 72.80 and 72.40 levels, after the RBI’s indication that rupee appreciation could reduce imported inflation in India.
-Today's selloff came after NASDAW plunging 5% and major US tech companies correcting.
Nifty - Outlook for Monday, 7th September:
NIFTY making a new low is a bearish sign. Doji formed in daily chart indicating indecision in market, indecision after rally often leads to corrections.If Nasdaq recovers we could see some positive indication else further selloff expected.
-Nifty was down 193.60 points or 1.68% at 11333.90.
-Price below the trendline and made a new low after previous Monday.
-Nifty could not revive the gap-down and closed low forming a doji. Resistance level at 11450. Further selloff to 11250 exptected.
Market - Driving Factors:
-All the sectoral indices ended lower with metal index down 3 percent followed by the pharma, bank, infra and energy
-Axis Bank, Tata Steel, JSW Steel, Adani Ports and SBI were among major losers on the Nifty, while gainers were Maruti Suzuki and Zee Entertainment.
-The rupee is likely to appreciate further, versus the US dollar, towards 72.80 and 72.40 levels, after the RBI’s indication that rupee appreciation could reduce imported inflation in India.
-Today's selloff came after NASDAW plunging 5% and major US tech companies correcting.
Nifty - Outlook for Monday, 7th September:
NIFTY making a new low is a bearish sign. Doji formed in daily chart indicating indecision in market, indecision after rally often leads to corrections.If Nasdaq recovers we could see some positive indication else further selloff expected.
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